Home Loan Focus

Two days ago the House of Representatives attacked the heads of American banks.  Congress and Barack Obama’s administration have gone to war with Wall Street this week, but some bankers on Wall Street are still capable of extending an olive branch in hopes of a truce and possibly a solution.

J.P. Morgan CEO Jamie Dimon said in a letter to House Financial Services Committee Chairman Barney Frank, D-Mass, that he would set up a three week moratorium on foreclosures

Citigroup and J.P. Morgan suspend foreclosures temporarily – MarketWatch

Dimon is one of the few people on a short list that has the political and business connections and more importantly the knowledge and intelligence to possibly step in and run the Treasury Department.  After watching Secretary Geithner crash and burn with proclamations of detailed plan that was followed up with hollow strategy and a dog and pony show outline (costing $1 trillion), the United States might just need to draft Dimon as a replacement.

In the meantime, mortgage customers of Citigroup and Chase have a temporary reprieve if they need it.  The 3 week term of this temporary moratorium was set by Congress and Geithner that hinted that they will have a solution to fill the void on week 4.

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